Ford's Jim Farley expects to better capitalize on core and emerging businesses in an attempt to woo Wall Street as he transitions to succeed Jim Hackett in October.
Farley, the automaker's chief operating officer, said his top priorities are a "smooth transition" in leadership, fixing and accelerating North American operations to achieve 10% profit margins and accelerating growth businesses such as connectivity and all-electric vehicles to better compete against"Those are growth initiatives that I believe are not in the stock price today," he told CNBC during a phone interview that also included Hackett.
Farley, according to Hackett, has been intimately involved in streamlining operations and an ongoing,Jim Farley in 2017.Farley hopes to get Ford back into Wall Street's good graces, something Hackett and his predecessor, Mark Fields, were unable to accomplish. It's something only formerexecutive Alan Mulally, who led the Ford through the Great Recession without bankruptcy, has been able to do in recent decades.
"As far as communicating to Wall Street … one of the most important commitments that we're making as a team is a clear and specific plan for the company and the company's transformation," Farley said. "At this point, we're running the company for value reaction for many years to come." Hackett, particularly early in his tenure, was been criticized for the execution of his multiyear restructuring plan and his lack of transparency.
Credit Suisse analyst Dan Levy characterized the succession as "no surprise." He said in an investor note Tuesday that he expects Farley to bring a greater sense of urgency and action to the automaker.Farley said he believes there "is an opportunity" to strengthen relationships with investors, but the company is going to "stick to our initiatives," including doing what's right for our company and having "a specific plan people will understand.
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